BP boss defends ‘bold’ net-zero transition strategy

Oil major on track to meet 2025 renewables target and will grow earnings from oil despite production cuts

BP chief executive Bernard Looney has defended the oil major’s “bold” transition strategy, saying shareholders and wider society have growing confidence in the direction the company is taking. BP has set an absolute emissions reduction target of reaching net zero on scope one, two, and three emissions by 2050, and has set an interim goal measured on an absolute basis for a 20pc reduction below 2016 levels by 2025.  “Society broadly is very much in favour of what we are doing,” Looney told a Reuters energy transition event this week. “In many ways, society got us to where we got to with the decisions that we took. And therefore, I think in broad terms, society is very pleased, very encouraged